BCH/USD Medium-term Trend: Ranging

BCH continue ranging in its medium-term outlook. The strong bullish pressure keeps pushing price up to $477.10 in the supply area before the end of yesterday session.

The 4-hour opening candle is bullish at $463.70 and BCH was up $476.20 earlier today in the supply area as the cryptocurrency ranges.

Price is above the 10-EMA and the stochastic oscillator is at 78% and its signal points up. These imply bullish pressure and price of the cryptocurrency may be up in the range.

BCH is ranging and trading between $500.00 in the upper supply area and $415.00 in the lower demand area of the range. Traders should be patient and allow a breakout at the upper area or breakdown at the lower area before taking a position.

BCH/USD Short-term Trend: Bullish

The cryptocurrency is in a bullish trend in its short-term outlook. The strong bullish pressure broke the upper supply area at $460.70 after about three touches on the line. Price went further up to $477.10 in the supply area with a large engulfing candle.

The supply-turned-demand area was retested and price went down to $458.60 in the demand area. The bullish railroad formation pushed BCH up to $476.20 in the supply area above the 10-EMA earlier today.

Price is forming high highs and high lows, characteristics of an up trending market. As the bull's momentum increased new higher highs may occur in the short-term before a bearish pullback.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.